Essential Utilities Inc. $WTRG Stock: Pictet Asset Management Holding SA Trims Holdings

Pictet Asset Management Holding SA lessened its holdings in Essential Utilities Inc. (NYSE:WTRG) by 27.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,827,223 shares of the company’s stock after selling 696,819 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Essential Utilities were worth $71,609,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Essential Utilities during the 3rd quarter worth approximately $26,000. Root Financial Partners LLC acquired a new position in Essential Utilities during the third quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Essential Utilities during the second quarter worth $33,000. Cassaday & Co Wealth Management LLC purchased a new position in Essential Utilities in the first quarter worth $40,000. Finally, Orion Capital Management LLC purchased a new position in Essential Utilities in the second quarter worth $43,000. Institutional investors and hedge funds own 74.78% of the company’s stock.

Essential Utilities Price Performance

Shares of NYSE WTRG opened at $45.10 on Tuesday. The stock has a market cap of $12.80 billion, a price-to-earnings ratio of 21.91, a PEG ratio of 3.40 and a beta of 0.62. Essential Utilities Inc. has a 52 week low of $36.10 and a 52 week high of $46.36. The company’s 50-day moving average price is $41.26 and its 200 day moving average price is $39.59. The company has a current ratio of 0.40, a quick ratio of 0.62 and a debt-to-equity ratio of 1.13.

Essential Utilities (NYSE:WTRG) last announced its earnings results on Tuesday, November 3rd. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.05. Essential Utilities had a net margin of 21.79% and a return on equity of 8.36%. The company had revenue of $508.26 million during the quarter, compared to analysts’ expectations of $450.44 million. During the same quarter in the previous year, the business posted $0.33 earnings per share. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. As a group, research analysts forecast that Essential Utilities Inc. will post 2.21 earnings per share for the current fiscal year.

Essential Utilities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 10th will be given a dividend of $0.3606 per share. This represents a $1.44 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Tuesday, November 10th. Essential Utilities’s payout ratio is currently 72.36%.

Analyst Ratings Changes

WTRG has been the topic of a number of recent analyst reports. Weiss Ratings raised shares of Essential Utilities from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 22nd. UBS Group lowered their target price on shares of Essential Utilities from $49.00 to $47.00 and set a “buy” rating on the stock in a research report on Friday, October 16th. Finally, Barclays increased their target price on shares of Essential Utilities from $38.00 to $40.00 and gave the company an “underweight” rating in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Essential Utilities currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Essential Utilities Company Profile

Essential Utilities, Inc is a regulated utility company that provides water and wastewater services through its Aqua operations and natural gas distribution through Peoples Natural Gas. Its services include treating and delivering drinking water, collecting and treating wastewater, and supplying natural gas to homes and businesses.

The company traces its water utility roots to the Springfield Water Company, founded in Pennsylvania in 1886. It adopted the Essential Utilities name in 2020, following its acquisition of Peoples Natural Gas and the expansion of its business beyond water and wastewater services.

Essential Utilities serves customers in several states, including Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia.